Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Econergy Intl. Plc (ECG)

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Tuesday 24 June, 2008

Econergy Intl. Plc

Offer Update

RNS Number : 4098X
Econergy International Plc
24 June 2008


Econergy International PLC

Offer Update 

On 13th June 2008, Suez Energy South America Participações Ltda. ("SESA") announced an all cash offer to acquire the entire issued and to be issued share capital of Econergy International PLC ("Econergy") at a price of 45 pence per Econergy Share (the "SESA Offer"). SESA is also making available to Econergy loan facilities of over US$50 million subject to, among other things, SESA receiving undertakings to accept the offer in respect of more than 50 per cent. of the issued share capital of Econergy pursuant to a conditional loan facility with certain members of the Econergy Group (the "Loan Agreement").

On 16th June 2008, Trading Emissions PLC ("TEP") announced that it had noted the aforementioned announcement by SESA and stated that it would not be increasing its offer (being implemented by means of a Scheme of Arrangement under section 152 of the Isle of Man Companies Act 1931 (the "TEP Scheme")) for the entire issued and to be issued share capital of Econergy. 

On 20th June 2008, SESA announced that it had received irrevocable undertakings to accept the offer in respect of, in aggregate, 44,357,656 Econergy shares, representing 50.99 per cent. of Econergy's issued share capital.

Econergy has today been granted an order by the Isle of Man court adjourning sine die the TEP Scheme. In addition, the conditions precedent to the availability of the first tranche of the Loan Agreement as described in the SESA announcement of 13th June, have today also been satisfied or waived.

The entry into of loan arrangements like the Loan Agreement can be construed as constituting frustrating action under Rule 21.1 of the City Code on Takeovers and Mergers and, if so, require the approval of shareholders in general meeting. In view of this, it was agreed with the Panel on Takeovers and Mergers that, given Econergy's need to secure the requisite funding within a short period of time, the obtaining of prior written approval (both in respect of the entry into of the loan and the use to which the loan monies are to be put) from Econergy shareholders holding more than 50 per cent. of the Econergy shares capable of being voted in general meeting would obviate the need to seek such approval in general meeting. Such written approval was, therefore, secured by SESA prior to the entry into of the Loan Agreement.

In light of the above developments, the Independent Econergy Directors, are now unanimously recommending that Econergy shareholders accept the SESA Offer. 


Piper Jaffray Ltd.                                       Tel: +44 (0) 20 3142 8700

Michael Covington / Amer Khan

Pelham Public Relations                           Tel: +44 (0) 20 7743 6675

Chelsea Hayes / Archie Berens

Piper Jaffray Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Econergy and no-one else in connection with the SESA Offer and the TEP Scheme and will not be responsible to anyone other than Econergy for providing the protections afforded to clients of Piper Jaffray Limited nor for providing advice in relation to the SESA Offer and the TEP Scheme, or any other matter or arrangement referred to in this announcement.

Dealing disclosure requirements

Under the provisions of Rule 8.3 of the City Code, if any person, whether or not an associate, is, or becomes, "interested" (directly or indirectly) in 1 per cent. or more of any class of "relevant securities" of Trading Emissions or Econergy, or as a result of any transaction will be interested in 1 per cent. or more, all "dealings" in any "relevant securities" (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") of that company by such person (or any person through whom that interest is derived) must be publicly disclosed by no later than 3.30 p.m. (London time) on the Business Day following the date of the relevant transaction. This requirement will continue until the date on which the TEP Scheme and/or the SESA Offer becomes effective or lapses or is otherwise withdrawn. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Trading Emissions or Econergy, they will be deemed to be a single person for the purpose of Rule 8.3. 

Under the provisions of Rule 8.1 of the City Code, all "dealings" in "relevant securities" of Econergy or of Trading Emissions by Econergy or by Trading Emissions, or by any of their respective "associates", or of Econergy by Econergy or SESA, or by any of their respective

"associates", must be disclosed by no later than 12.00 noon (London time) on the Business Day following the date of the relevant transaction. 

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Panel's website at 

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the City Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel. For the purposes of this announcement, the "Independent Econergy Directors" means Thomas Stoner, Lee Atkins, Frederick Renner, Jack Pester, Peter Vanderpump and Gerald Jones.


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